Alpha IntraSpread(TM) Approved by RegulatorsBy Alpha Group, PRNE
Thursday, April 7, 2011
An Innovative Dark Pool for the Canadian Retail Investor
TORONTO, April 8, 2011 - Alpha Group today announced that its IntraSpread(TM) facility has been
approved by the Regulators and will be available for trading before the
summer after completing the testing of the regulatory feed with IIROC.
IntraSpread(TM) is a facility designed to improve the quality of execution in
Canadian markets while reducing the cost of trading.
After a lengthy but fruitful submission and comment process to obtain
regulatory approval for its new Dark Pool trading facility - the Alpha
IntraSpread(TM), Alpha is pleased to confirm that it has obtained approval
from the securities regulator to proceed. Alpha IntraSpread(TM) has been
designed with a multitude of industry stakeholders in mind:
- Canadian retail investors, when trading in the Alpha IntraSpread(TM),
will always be guaranteed a price improvement over the National Best
Bid and Offer available at the time of the trade;
- Canadian retail brokers will have the ability to trade at fees that
will be at a fraction of the fees currently charged by any other
- Canadian institutional investors and other liquidity providers will
have the ability to place orders in the facility that will not be
visible to avoid market impact, while providing them with access to a
retail order-based liquidity pool;
- Quality of execution of participants in this facility will be
improved in comparison to lit markets by leveraging a matching
algorithm that will maximize the size of trades.
"This new facility is a result of the evolution of lit markets in Canada
and across the globe," noted Jos Schmitt, CEO of Alpha Group. "Following the
introduction of the maker/taker model, introduced in Canada by the TMX in
2006, lit markets have evolved into a battlefield whereby trading robots are
fighting with each other to the detriment of retail and institutional flows.
Quality of execution has deteriorated and the cost of trading for retail
brokers has spiked. Alpha has acknowledged this situation and designed this
new innovative facility with all market participants in mind. It is another
example of leadership and innovation whereby Alpha stands up for its users,"
concluded Jos Schmitt.
About Alpha Group - Alpha Group comprises the leading alternative trading
system for Canadian Securities - Alpha ATS, and a data distribution plant for
Alpha ATS market data. Alpha Group was established in May, 2007 by nine of
Canada's leading financial institutions with the aim of increasing the
country's securities trading efficiencies and making the Canadian marketplace
more globally competitive. Established for the Industry, by the Industry, the
Alpha Group focuses on increasing liquidity, reducing the cost of trading and
providing innovative services leveraging its unique expertise, operating
model and technological capabilities.
For further information regarding Alpha Group, visit
For further information: Jennifer Bennett, +1-647-2590421,
For further information: Jennifer Bennett, +1-647-2590421, jennifer.bennett(at)alpha-group.ca
Tags: Alpha Group, April 8, canada, Toronto